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Even more than three years after demonetisation and all-out efforts to make most transactions through electronic, cash is still king, as it thrives in a digital India, said fintech start-up Paytm founder Vijay Sekhar Sharma.

"While cashless economy is not possible in India, less cash economy will be in the future. Less cash is the only solution, not the elimination of cash," Sharma told IANS in an interview after unveiling an all-in-one payment gateway on Tuesday.

Asserting that it would take 5-10 years for India to make the transition to digital payments from the traditional mode of cash, Sharma, 41, said the e-payment industry benefitted more from the November 8, 2016 note ban and withdrawal of old Rs 1,000 and Rs 500 denominations.

"I think it (demonetisation) helped the industry despite lack of specific help. But the world has changed since then. It is about the scale of distribution of merchants that is what is propelling digital payments," said Sharma.

Most of the cash not only came back into circulation, but also remains as the mode of payment for the majority due to its convenience for the people used to such transactions.

Expounding Paytm's zero service charge, Sharma said the strategy is sustainable as it leads to acquiring more customers and merchants, enabling newer business opportunities.

Paytm also does not levy a service charge to small merchants for its payments services, unlike organised players like Uber.

"Though there is a monetisation model, the merchants who are small shopkeepers, become our financial services customers as they open a bank account, which is profitable."

Paytm secured a Payments Bank license from the Reserve Bank of India to offer a savings bank account, Rupay debit card and money transfer services.

"We are banking on payment services acquiring customers and merchants who avail banking, lending, insurance, wealth and software services like billing software and business ledger software services eventually," Sharma noted.

The mobile first bank services include zero balance and zero digital transaction charge accounts.

"Basically, payments, cloud, commerce and financial services are a cohort we follow. So, payments is our customer as well as merchant acquisition. If it breaks even, we are happy because other line items make more money, he affirmed.

Noting that in a market like India, one cannot price services at a premium unlike in a developed country like the US, the billionaire businessman said a consumer in a developing country would not be able to afford such a hefty charge.

Forbes ranked Sharma as India's youngest billionaire in 2017, with a net worth of $2.1 billion.

While several countries operate on the model of higher service charges, Sharma said newer business models have to be discovered in India, as customer lifecycle value is accounted for more stages than in other nations.

Asked about an upscale retailer like Zara not giving a wallet payment option during its recent end of season sale in Bengaluru, Sharma said Paytm was addressing such hiccups with its all-in-one payment solutions.

"It's an opportunity, because if the retailer has our all-in-one point of sale machine, where in they enter the amount, it shows both the Quick Response code (QR) and card payment options," he observed.

Sharma compared older swiping payment machine to feature phones and modern ones to feature-rich smartphones.

"If you notice, they look like feature phones and the modern day card machine is more a smartphone like. You can add the smatphone components, which can add the features," reiterated Sharma.

Though Paytm's all-in-one QR point of sale machine integrates the billing system, its chief executive said it was not ideal to have an independent QR feature.

Paytm has 16 million strong merchant user base, which Sharma aims to raise to 26 million base in the next one year.

Sharma has launched in this tech city an all-in-one payment gateway and Paytm Business Payments solution, which enable digital payments through multiple methods for small and medium enterprises (SMEs) and an Android point of sale machine.

With the new gateway solution, collecting digital payments through multiple methods can be achieved seamlessly while Paytm Business Payments solution enables automated vendor payments, including employee salaries and customer refunds among others.

The One97 Communications-owned Paytm aims to help SMEs streamline and digitise their business activities using its new solutions, which enhance the overall efficiency of both accepting and making payments.

Paytm has a data bank of over 200 million saved cards and bank accounts, a feature which enables partner apps to shorten transaction times and propel faster conversions while using the all-in-one payment gateway.

Complementing the two solutions, Sharma also launched an all-in-one Android point of sale machine, which can accept payments through all forms such as cards, wallets, UPI apps and even cash.

The device has a QR code that supports all contact and contactless payments, coming with integrated billing software customized solutions for different sectors such as catering, ticketing, parking and others.

The handheld Android device is equipped with an in-built printer, scanner and can also generate bills.

Valued at $16 billion, Paytm is not alone in the fiercely competitive Indian fintech space where a dozen players like PhonePe, MobiKwik, Kotak 811 and deep pocketed international giants Google Pay and Amazon Pay are in the fray.

Bengaluru, Jun 28: Former Chief Minister and senior Congress leader Siddaramaiah asked the Karnataka government to release White Paper over the state of healthcare system and the government's preparedness to address COVID-19 pandemic.

He said that the State Government to come clean on the charges of misappropriation of large sums of funds in the name of fighting the COVID-19 pandemic in the state.

"People are extremely worried about the state of our healthcare system and the government's preparedness to address pandemic. It is the responsibility of Karnataka Chief Minister to clear the doubts and reduce the panic among people. I urge the government to #ReleaseWhitePaper about the same," the Congress leader tweeted.

Siddaramaiah said that the Chief Minister should let people know about the amount of money already spent to improve healthcare facilities, the number of beds and ventilators increased and about the supply of PPE kits to COVID-19 warriors.

"Karnataka Chief Minister should also reveal the contribution of PMO India to our state. Has Karnataka Chief Minister BS Yediyurappa demanded anything from Narendra Modi? How much of PM CARES Fund is spent for Karnataka's healthcare?" he asked in another tweet.

He went on to say that PMO India and Chief Minister of Karnataka "wasted crucial time during lockdown."

"The purpose of lockdown was to fill the gaps in health care system. But they just widened it by frequently changing the protocols and by not doing adequate tests," he said.

"Karnataka Chief Minister and other departments have failed to answer my multiple queries regarding the actions taken. As a leader of opposition, it is my right to question the government on behalf of people. Deliberate act of denying information is a breach of privilege. Government hospitals have reached its capacity and private hospitals are not ready to treat patients at capped prices," he wrote.

Siddaramaiah said that the Karnataka Chief Minister should either convince private players or take action against them, and added, "Not doing both is like pushing people off the cliff."

He tweeted, "The testing rates per day have come down in last 15 days even when the cases are rising. What is stopping the government from increasing the testing? The government is putting people at risk by not testing adequately."

Further attacking the state government, he wrote, "Our state needs 9000 ventilators, but we have only 1500, PMO India has sent 90 to us. Is this a joke to Karnataka Chief Minister and PMO India? #ReleaseWhitePaper about the ways that they plan to increase ventilators."

Mangaluru, May 21: The Supreme Court has awarded Rs 7.64 crore compensation to the next of kin of a man who was killed in a crash-landing of Air India Express Flight 812 from Dubai in Mangalore on May 22, 2010. The accident killed 158 out of 166 passengers on board.

The family of the 45-year-old Mahendra Kodkany, which include his wife, daughter and son, were earlier granted Rs 7.35 crore as compensation by National Consumer Disputes Redressal Commission (NCDRC). This compensation will now get enhanced after adding 9 per cent interest per annum (on the amount yet to be paid), to be paid by Air India.

Kodkany was the regional director for the Middle East for a UAE-based company. The aircraft overshot the runway and went down a hillside and burst into flames.

A bench comprising Justices D.Y. Chandrachud and Ajay Rastogi said: "The total amount payable on account of the aforesaid heads works out to Rs 7,64,29,437. Interest at the rate of nine per cent per annum shall be paid on the same basis as has been awarded by the NCDRC. The balance, if any, that remains due and payable to the complainants, after giving due credit for the amount which has already been paid, shall be paid within a period of two months."

The apex court noted that in a claim for compensation arising out of the death of an employee, the income has to be assessed on the basis of the entitlement of the employee. The top court said: "We are unable to accept the reasons which weighed with the NCDRC in making a deduction of AED (UAE currency) 30,000 from the total CTC. Similarly, and for the same reason, we are unable to accept the submission of Air India that the transport allowance should be excluded. The bifurcation of the salary into diverse heads may be made by the employer for a variety of reasons."

The top court observed that the deceased was evidently, a confirmed employee of his employer. "We have come to the conclusion that thirty per cent should be allowed on account of future prospects", added the court.

The top court noted that if the amount which has been paid by Air India is in excess of the payable under the present judgement, "we direct under Article 142 of the Constitution (discretionary powers) that the excess shall not be recoverable from the claimants," said the court.